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Figures show continuing rise in company and corporation numbers

05 October 2016

Publication of the UK Business: Activity, Size and Location, 2016 report by the Office of National Statistics (ONS) shows the gap between sole proprietors and larger businesses has continued to increase.

A total of 2.55m businesses were registered for VAT and PAYE within the UK in March 2016, the publication states.

This is an increase of 4.3% compared with the 2015 figure, rising by 105,000 over the year.

Previous studies have shown a decline in the numbers of sole proprietors and partnerships.

The study shows this year's figure to be 27.4%, with companies and public corporations representing 68.8% of the overall number of businesses.

Those in the professional, scientific and technical sectors represent the largest group within the study, rising from 17.8% in 2015 to 18% this year.

London has the largest number of businesses, accounting for 18.7% and showed the largest growth, expanding by 7.2% compared with the 2015 figure.

The ONS attributes the rise in business numbers to the growth in the UK economy over the period of the study.

It also states that employment figures have also increased over the last five years, with more people working in the private sector and also consistent with the increasing number of businesses.

Although there is continuing uncertainty about the UK economy due to both Brexit and international pressures, the increasing number of companies and public corporations should also provide more opportunities for the FM sector at various levels.